Superloop, an Asia-Pacific fibre infrastructure company has entered an agreement to acquire APEXN, a small Brisbane-based internet service provider for $5.8 million which consists of $3.8 million in cash and $2 million in Superloop scrip. This acquisition has taken place in just four months after listing in IPO.
Founded in 2006, APEXN which operates as Apex Networks is a national wholesale broadband provider that provides telecommunications services, networking solutions, VOIP capabilities and data centre services through its channel partners.
Further to the acquisition, Superloop plans to set up a specialized service capability for its wholesale and channel customers through ApexN’s IT and product platforms. ApexN’s platform consists of various systems like service qualification tools to ordering, provisioning, billing support and network management. This is considered important as Superloop expands the fibre network in Singapore. Following the closure of the deal, APEXN will remain a brand operating under Superloop, with co-founders Matthew Greg and Ryan Crouch to continue working as general manager of Apex Networks and CTO of Superloop, respectively.
In a joint statement, Gregg and Crouch said, “We remain committed to the ongoing implementation and development of APEXN services from within the Superloop group, and, along with the APEXN team, look forward to contributing to the ongoing success of the Superloop group.”
Superloop CEO, Daniel Abrahams, said, “the networking company will continue to operate in Australia as a brand within the Superloop group. Its revenues are expected to be in excess of $3 million this financial year.”